OPEC+ Approves November Output Increase

OPEC+ likely approves 137,000 bpd increase in November at October 5 meeting.
Reversed cuts by raising quotas 2.5 million bpd, aiming to unwind 2.2 million bpd by end-September.
Delivery data shows 500,000 bpd less than 1.92 million bpd nominal increase.
Hikes fell short due to most members at capacity.
Market expects lower supply, keeping Brent in mid to high $60s.
Most OPEC+ members (excluding Saudi Arabia and UAE) lack spare capacity.
Russia faces issues, 2 million bpd layer ends in 2026.

Energy | OPEC | Supply

Russia | Saudi Arabia | United Arab Emirates

1 month ago